First Republic Bank plummeted 90%! S&P Downgrades Its Rating to 'CC': Default 'Almost Certain'

新浪财经2023-05-03

On May 3, First Republic Bank plunged 90%, and S&P on TuesdayFirst Republic BankThe junk credit rating was further downgraded after regulators took over the bank and issuedJPMorgan ChaseSold its assets. S&P downgraded the bank's rating to "CC" from "B +" and said it expects First Republic's default to be "almost certain"(Note: First Republic Bank code has been changed, from FRC to FRCB. First Republic Bank is trading on pink sheet!)

S&P said that since JPMorgan Chase assumes the vast majority of First Republic's assets, it is highly likely that the bank will default on any other senior financial debt given the insufficient remaining asset base.

Standard & Poor's also downgraded First Republic Bank's subordinated debt and preferred shares's credit ratings from "B-" to "D".

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

  • StreetCat
    2023-07-21
    StreetCat
    The bank is still operational and made profits just not hit expectations 
  • NancyLuan
    2023-05-05
    NancyLuan
    說說你對這篇新聞的看法...
  • JustinYuan
    2023-05-04
    JustinYuan
    那也不能阻擋我買入
  • 嘞撸虎7
    2023-05-03
    嘞撸虎7
    閱
Leave a comment
4
2